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Carmax vs Penske Automotive: revenue, profit, margins and growth compared

Carmax brought in $25.9B of revenue in fiscal 2026, Penske Automotive $31.8B in fiscal 2025. Revenue changed by -1.8% at Carmax and -0.2% at Penske Automotive on the year before, so Penske Automotive grew faster. Carmax kept 1.0% of its revenue as net profit, Penske Automotive 2.9%. Free cash flow was $1.2B at Carmax and $650.5M at Penske Automotive.

Side by side, latest fiscal year

KMXPAG
Fiscal year endedFY2026 (February 28, 2026)FY2025 (December 31, 2025)
Revenue$25.9B$31.8B
Revenue growth-1.8%-0.2%
Net income$247.3M$935.4M
Net margin1.0%2.9%
Free cash flow$1.2B$650.5M
Free cash flow margin4.8%2.0%
Earnings per share (diluted)$1.68$14.13
Cash$122.8M$64.7M
Debt$17.3B$2.2B
Price to earnings34.014.8
Market value$8.1B$13.8B
Dividend yieldn/a2.47%
Rank by revenue in sector#44 of 778 · Consumer discretionary#32 of 778 · Consumer discretionary

Over the years

Revenue
KMX FY2019: $18.2BKMX FY2020: $20.3BKMX FY2021: $19BKMX FY2022: $31.9BKMX FY2023: $29.7BKMX FY2024: $26.5BKMX FY2025: $26.4BKMX FY2026: $25.9BPAG FY2018: $22.8BPAG FY2019: $23.2BPAG FY2020: $20.4BPAG FY2021: $25.6BPAG FY2022: $27.8BPAG FY2023: $30.9BPAG FY2024: $31.9BPAG FY2025: $31.8BFY18FY19FY20FY21FY22FY23FY24FY25FY26
KMX $25.9BPAG $31.8B
Net income
KMX FY2019: $842.4MKMX FY2020: $888.4MKMX FY2021: $746.9MKMX FY2022: $1.2BKMX FY2023: $484.8MKMX FY2024: $479.2MKMX FY2025: $500.6MKMX FY2026: $247.3MPAG FY2018: $471MPAG FY2019: $435.8MPAG FY2020: $543.6MPAG FY2021: $1.2BPAG FY2022: $1.4BPAG FY2023: $1.1BPAG FY2024: $968.9MPAG FY2025: $935.4MFY18FY19FY20FY21FY22FY23FY24FY25FY26
KMX $247.3MPAG $935.4M
Net margin
KMX FY2019: 4.6%KMX FY2020: 4.4%KMX FY2021: 3.9%KMX FY2022: 3.6%KMX FY2023: 1.6%KMX FY2024: 1.8%KMX FY2025: 1.9%KMX FY2026: 1.0%PAG FY2018: 2.1%PAG FY2019: 1.9%PAG FY2020: 2.7%PAG FY2021: 4.6%PAG FY2022: 5.0%PAG FY2023: 3.6%PAG FY2024: 3.0%PAG FY2025: 2.9%FY18FY19FY20FY21FY22FY23FY24FY25FY26
KMX 1.0%PAG 2.9%
Revenue growth
KMX FY2020: +11.8%KMX FY2021: -6.7%KMX FY2022: +68.3%KMX FY2023: -6.9%KMX FY2024: -10.6%KMX FY2025: -0.7%KMX FY2026: -1.8%PAG FY2019: +1.7%PAG FY2020: -11.8%PAG FY2021: +25.0%PAG FY2022: +8.8%PAG FY2023: +11.2%PAG FY2024: +3.1%PAG FY2025: -0.2%FY19FY20FY21FY22FY23FY24FY25FY26
KMX -1.8%PAG -0.2%
Free cash flow
KMX FY2019: -$141.7MKMX FY2020: -$568.5MKMX FY2021: $503.2MKMX FY2022: -$2.9BKMX FY2023: $860.6MKMX FY2024: -$6.7MKMX FY2025: $156.5MKMX FY2026: $1.2BPAG FY2018: $308.6MPAG FY2019: $273MPAG FY2020: $1BPAG FY2021: $1BPAG FY2022: $1.2BPAG FY2023: $759.2MPAG FY2024: $852.8MPAG FY2025: $650.5MFY18FY19FY20FY21FY22FY23FY24FY25FY26
KMX $1.2BPAG $650.5M

Fiscal years as each company reports them; the two may end in different months.

Questions about Carmax and Penske Automotive

Which is bigger by revenue, Carmax or Penske Automotive?

Penske Automotive is bigger by revenue: $31.8B in fiscal 2025, against $25.9B for Carmax in fiscal 2026.

Which keeps more of its revenue as profit, Carmax or Penske Automotive?

Carmax had a net margin of 1.0% in fiscal 2026; Penske Automotive had 2.9% in fiscal 2025.

Which grew revenue faster, Carmax or Penske Automotive?

In their latest fiscal years revenue changed by -1.8% at Carmax and -0.2% at Penske Automotive.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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